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Business Networking Tips in July 2009
Relationship Networking vs. Visibility Networking
posted on July 27, 2009
Does your networking strategy match your networking need? Do you have lots of acquaintance type relationships or a smaller number of deep relationships? Depending on the type of business you're in or your need for networking you may find that it makes more sense to be at one of these extremes or to take a more balanced approach. At one extreme in order for people to feel comfortable doing business with you or to refer clients to you an exceptional level of trust is necessary. This is especially true in positions where people will be trusting you with large sums of their own money. You probably wouldn't refer your rich uncle to the financial advisor you met one time at a happy hour last week. For the same reason you can expect that you'll need to build very deep relationships in this arena to get the opportunities you're seeking. We'll call this "High Trust" networking. At the other extreme you'll find "Highly Transactional" networking. In this scenario very little trust if any is really required. If someone has a need they're much more likely to come and do business with you and refer business to you because you're the only ________ that they know. I've seen florists, plumbers and auto mechanics who were active networkers do REALLY well in this space primarily because at the events they frequented you rarely if ever met anyone else in their industry. You may want to draw a line with the two extremes at either end. "High Trust" on one side and "Highly Transactional" on the other. Now decide where you fit on that continuum. Once you understand your own position it's time to make sure your networking strategy matches. On the "High Trust" side attending lots of networking events is a mismatched strategy. Instead you need to be more focused on developing very deep trusting referral relationships. You can expect that this will take a lot of time, but if you're trying to be everywhere all the time this strategy will take a lot longer. Simply put; the "High Trust" strategy needs to be highly focused on developing and deepening the right relationships. A huge percentage of your networking time should be spent in one one one meetings. If your business is "Highly Transactional" then it makes much more sense to be very visible. Being involved in numerous organizations and attending a multitude of events will serve you well. Just being known and liked should create a plethora of opportunities. While deep relationships are important this type of networker will likely benefit more from simple visibility. Very few of us will find ourselves at one of these absolute extremes. Instead you're probably somewhere in the middle between the two and need to develop a more balanced strategy. Consider the extreme examples above and give some thought to what combination makes the most sense for your situation and your preferences. One other item for consideration is your resource network. In addition to simply networking to identify opportunities you should also be networking to identify resources. With a broad resources network you can become the first call your clients and customers make when they have a particular need if you've been able to provide consistently good referrals to them in the past AND have proven yourself to know of hard to find resources as well. So... Does your networking strategy match your networking need? Happy Networking! -Scott Ingram NetworkInAustin.com
Author: Scott Ingram
You Can't Build a House, or a Business, Without a Foundation (Guest Post by: Ragen Chastain)
posted on July 13, 2009
Ragen Chastain Disorganized business owners lose money. As business owners it seems like we concentrate as much time, effort, and money as humanly possible on sales and marketing. And that makes sense…that’s where the money comes from. Let me be clear that I am not knocking sales and marketing – in fact, I’m currently working with Pete Monfre of Clarity Marketing (www.claritymarketingsupport.com) on my own strategy. (By the way, Pete is a genius and is helping me with many things including creating a new logo, improving my website and designing book covers that are a lot more fabulous, so keep your eye out!) Unfortunately, what many business owners end up learning the hard way is that administrative systems form the foundation of their business. Just like a house, it’s pretty impossible to create a business without a foundation. It doesn’t matter how many people you meet networking if you can’t keep track of them. It doesn’t matter how many referrals you get if you don’t follow up with them. It doesn’t matter how many sales you make if you can’t fulfill the orders. It doesn’t matter how many orders you fulfill if you don’t invoice. It doesn’t matter how many invoices you send …ok, you get the picture. Organizational systems do NOT stand over you with a big hammer and beat you up (”It’s not GOOD enough!” “You have to FILE!” etc.). Organizational systems sit underneath you and support you in everything that you do. They are how you know that you won’t lose that business card, that you will remember to follow up with that prospect, that you have invoiced all of your clients, that you can fax that document to someone as soon as you get back to the office (without having to launch a search party in your garage to find it). So how do you build the foundation under the house? Create and institute your systems one at a time, over time. Rome was not built in a day and your organization systems won’t be either. For many people summer is the slow time in their business. Consider using this slowdown as a time to create the systems and processes that will support you when things pick up in the fall. Brainstorm a list of all of the things that you do and start creating simple systems to make sure that you don’t miss steps or lose out on opportunities. I have books and workshops (www.renegadeorganizer.com) coming up to help you do this in what I think is the fastest, easiest, most common sense way possible; but there are lots of options out there so find what works best for you and create a strong foundation so that your business can grow as big and as fast as you can imagine! --- Ragen Chastain has spent over 14 years working in administration and organization consulting with all types and sizes of businesses. She started The Renegade Organizer in 2004 to get the information that I had discovered about organization out to the people who could really use it. She's published two books "The Renegade Organizer's Easy Guide to Paper Management" and "Simple Systems for a Complicated World". She also does workshops, master classes, corporate training and one-on-one consulting. Renegade Organizing is a simple, realistic system that allows people to create organization in every aspect of their lives based on their own personality and work-style. Typically she works with people who are: Tired of leaving money on the table because of lost business cards, lost opportunities, and wasted time. Ready to shatter the myths that are keeping them stuck in a constant state of clutter, disorganization, and frustration. Exhausted from trying everything there is and sure that they just aren't "organized people" and never will be.
Author: Scott Ingram
Where do Your Opportunities Come From?
posted on July 5, 2009
Most of the people I meet out networking are there because they're looking for some type of opportunity. They're either looking for new clients, a new job, or to further their career and knowledge. When I started networking it took me a long time to realize that many of the opportunities we're looking for don't come from the places we'd expect. When I built my first company, an IT Consulting Company, I primarily networked because I was looking for new clients. I would frequently target people who I thought had the potential to be really great referral sources. They had a bunch of clients that were in my target market and were in a position to introduce me to those clients. The trouble was that after numerous lunches and other relationship development efforts none of those obvious referrals ever materialized. On the other hand I noticed that I would get referred into really amazing opportunities by people who I never thought could be such a resource. This is both the challenge and the fun of networking. It's never quite as logical as you might like it to be. When you're working hard to develop the obvious relationships it's easy to overlook the real opportunities that are coming your way. Make sure that doesn't happen! You need to develop some sort of system to track the opportunities that come your way. Don't just track the closed business or opportunities that work out, instead track every opportunity regardless of its outcome. What you're looking for is WHO is referring you. Somebody who sends you a referral is probably 10 times more likely than anyone else to refer you again IF you also do right by them. If someone refers you multiple times you really need to pay attention. Having a system that keeps track of these referrals and opportunities will keep you from overlooking individuals who are bringing you consistent business. A system like this will also make it easier for you to circle back and close the loop with these individuals. You may also be able to find consistencies in where you're meeting those golden individuals who are bringing you opportunities consistently. Once you understand where you opportunities are coming from you can make sure you're helping the people who are helping you, and start to find the unique patterns of relationships that are successful for you. Happy Networking! -Scott Ingram NetworkInAustin.com
Author: Scott Ingram
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